Oppenheimer Starts Syros Pharmaceuticals (SYRS) at Outperform
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Oppenheimer initiates coverage on Syros Pharmaceuticals (NASDAQ: SYRS) with a Outperform rating and a price target of $28.00.
Analyst Leah Rush Cann commented, "We are initiating coverage of Syros Pharmaceuticals, a development-stage biotechnology company, with an Outperform rating and 12- to 18-month price target of $28. We estimate Syros could launch its first drug, SY-1425, as early as 2018. Based on our expectation that Syros will launch its first product in the next few years, we assume that the company will have revenue in 2018 and that it will grow at a CAGR of 103% from 2018-21, to $510 million in 2021. However, as it is the case with development-stage companies, these estimates do carry a degree of risk."
Shares of Syros Pharmaceuticals closed at $14.19 yesterday.
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